The following is a summary of the Nu Skin Enterprises, Inc. (NUS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Nu Skin reported Q1 revenue of $417.3 million, in line with guidance, despite facing foreign exchange pressure.

• With successful expense reduction initiatives, the company delivered non-GAAP earnings per share at the high end of their anticipated range.

• The Rhyz business registered a 57% increase in revenues totaling over $62 million, accounting for about 15% of the total enterprise revenue in Q1.

• The company maintains its 2024 outlook with an anticipated annual tax rate between 25% to 35%.

Business Progress:

• Nu Skin is transforming its core business while expanding its Rhyz product line.

• The company plans to introduce a new product, 'Mind 360', targeting the booming cognitive health market.

• The company is investing in 'affordable luxury' products to combat inflationary pressures on customer acquisition.

• Nu Skin announced Justin Keisel as the new President of Global Sales to expand their affiliate model in the Americas.

• The company has plans to enter the Indian market by 2025 and aims to eliminate 25%-30% of SKUs by 2025.

• Nu Skin is investing in its Rhyz business by focusing on product innovation and accelerating growth in the beauty, wellness, and lifestyle industries.

• The company is expanding into international markets, including India, Latin America, Southeast Asia, East Europe, Africa, and the Middle East.

• The acquisition of BeautyBio provides unique insights and is stimulating market disruption in the beauty wellness space.

• The company launched a sustainable packaging product line, Mind 360, aimed at improving cognitive health.

• Nu Skin continues to evolve with the ambition of leading the world's beauty, wellness, and lifestyle ecosystem through core business expansion and Rhyz capabilities.

More details: Nu Skin Enterprises IR

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